NASDAQ · Technology

ON Semiconductor Corporation

ON · Semiconductors

$102.73

▼ -0.29 (-0.28%)

Data cached · refreshes every 10 min

Mr. Market is currently offering ON Semiconductor Corporation at $102.73.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability C

Gross Profit Margin 33.1%

Operating Margin 12.5%

Net Income Margin 2.0%

Fin. Health B

Years to Pay Off Debt 24.8 yrs

Working Capital vs Long-Term Debt $1.6B

Working Capital $4.5B

Valuation F

Margin of Safety 0.0%

Price-to-Book 5.27x

Cash Flow C

Free Cash Flow $1.4B

CapEx % of Net Income 282.0%

Owner Earnings $1.1B

3/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $40.4B

Enterprise Value $41.3B

P/E (TTM) 354.24

Dividend Yield N/A

Exchange NASDAQ

Key Margins

Gross Profit 33.1%

Operating Margin 12.5%

Net Margin 2.0%

Company Info

Sector Technology

Industry Semiconductors

Employees 22600

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering ON Semiconductor Corporation at $102.73.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

At $102.73, the stock trades at a 811% premium to its Graham Number of $11.28. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Trading at 40.8x NCAV. Expected for most quality businesses — NCAV was designed to find depression-era bargains and rarely applies to modern profitable companies..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About ON Semiconductor Corporation

ON Semiconductor Corporation provides intelligent sensing and power solutions in Hong Kong, Singapore, the United Kingdom, the United States, and internationally. It operates through three segments: Power Solutions Group, Analog and Mixed-Signal Group, and Intelligent Sensing Group. The Power Solutions Group segment offers discrete, module, and integrated semiconductor devices designed to enable power conversion, including power switching, signal conditioning, and circuit protection technologies. Its Analog and Mixed-Signal Group segment designs and develops analog and mixed-signal solutions, including power management, sensor interface, connectivity, and standard products for automotive, industrial automation, AI data centers, computing, and mobile end markets. The Intelligent Sensing Group segment develops complementary metal-oxide-semiconductor image sensors, image signal processors, short-wave infrared sensors, and other products, as well as photon-counting technologies, including single-photon avalanche diode arrays and silicon photomultiplier devices for depth sensing, factory automation, safety systems, and robotics industries. ON Semiconductor Corporation was incorporated in 1992 and is headquartered in Scottsdale, Arizona.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	33.1% ▼	45.4%	47.1%	49.0%	N/A
Operating Margin %	12.5% ▼	26.9%	31.7%	33.2%	N/A
Net Income %	2.0% ▼	22.2%	26.5%	22.8%	N/A
Diluted EPS	0.29 ▼	3.63	4.89	4.24	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$12.5B	$14.1B	$13.2B	$12.0B	N/A
Total Debt	$3.0B ↓	$3.4B	$3.4B	$3.2B	N/A
Working Capital	$4.5B ▼	$5.4B	$3.7B	$3.7B	N/A
Years to Pay Debt	24.83	2.14	1.54	1.70	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$1.4B ▲	$1.2B	$438M	$1.6B	N/A
Owner Earnings	$1.1B	$2.9B	$4.3B	$3.5B	N/A
CapEx % of Net Income	282.0%	44.1%	70.5%	54.5%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-39,347	-19,148	-12,268	-66,891
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	1,555,100	2,676,500	3,309,000	3,353,700
Total Unusual Items	-666,900	-133,900	-88,900	-344,800
Total Unusual Items Excluding Goodwill	-666,900	-133,900	-88,900	-344,800
Net Income From Continuing Operation Net Minority Interest	121,000	1,572,800	2,183,700	1,902,200
Reconciled Depreciation	686,000	642,900	609,500	551,800
Reconciled Cost Of Revenue	3,369,900	3,275,300	3,811,100	3,778,400
EBITDA	888,200	2,542,600	3,220,100	3,008,900
EBIT	202,200	1,899,700	2,610,600	2,457,100
Net Interest Income	24,200	49,100	18,300	-79,400
Interest Expense	70,900	62,300	74,800	94,900
Interest Income	95,100	111,400	93,100	15,500
Normalized Income	748,553	1,687,552	2,260,332	2,180,109
Net Income From Continuing And Discontinued Operation	121,000	1,572,800	2,183,700	1,902,200
Total Expenses	5,244,300	5,180,700	5,639,400	5,561,500
Total Operating Income As Reported	84,200	1,767,700	2,538,700	2,360,000
Diluted Average Shares	411,800	432,700	446,800	448,200
Basic Average Shares	411,000	427,400	430,700	433,200
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	121,000	1,572,800	2,185,000	1,904,200
Average Dilution Earnings	0	0	1,300	2,000
Net Income Common Stockholders	121,000	1,572,800	2,183,700	1,902,200
Net Income	121,000	1,572,800	2,183,700	1,902,200
Minority Interests	-2,600	-1,800	-1,900	-1,600
Net Income Including Noncontrolling Interests	123,600	1,574,600	2,185,600	1,903,800
Net Income Continuous Operations	123,600	1,574,600	2,185,600	1,903,800
Tax Provision	7,700	262,800	350,200	458,400
Pretax Income	131,300	1,837,400	2,535,800	2,362,200
Other Income Expense	-644,000	-113,300	-96,100	-323,100
Other Non Operating Income Expenses	22,900	20,600	-7,200	21,700
Special Income Charges	-666,900	-133,900	-88,900	-344,800
Gain On Sale Of Business	0	0	-700	67,000
Other Special Charges			13,300	7,100	29,000
Write Off				22,600	3,300
Impairment Of Capital Assets	496,000	37,800	19,500	386,800
Restructuring And Mergern Acquisition	170,900	96,100	55,400	-4,700
Net Non Operating Interest Income Expense	24,200	49,100	18,300	-79,400
Interest Expense Non Operating	70,900	62,300	74,800	94,900
Interest Income Non Operating	95,100	111,400	93,100	15,500
Operating Income	751,100	1,901,600	2,613,600	2,764,700
Operating Expense	1,232,800	1,314,500	1,269,900	1,312,500
Depreciation Amortization Depletion Income Statement	44,400	52,000	51,100	81,200
Depreciation And Amortization In Income Statement	44,400	52,000	51,100	81,200
Amortization	44,400	52,000	51,100	81,200
Amortization Of Intangibles Income Statement	44,400	52,000	51,100	81,200
Research And Development	583,600	612,700	577,300	600,200
Selling General And Administration	604,800	649,800	641,500	631,100
Selling And Marketing Expense	255,900	273,500	279,100	287,900
General And Administrative Expense	348,900	376,300	362,400	343,200
Other Gand A	348,900	376,300	362,400	343,200
Gross Profit	1,983,900	3,216,100	3,883,500	4,077,200
Cost Of Revenue	4,011,500	3,866,200	4,369,500	4,249,000
Total Revenue	5,995,400	7,082,300	8,253,000	8,326,200
Operating Revenue	5,995,400	7,082,300	8,253,000	8,326,200

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	228,222	199,700	189,896	176,431
Ordinary Shares Number	396,741	422,955	426,386	431,936
Share Issued	624,962	622,656	616,282	608,368
Net Debt	832,900	654,600	853,600	274,500
Total Debt	3,004,800	3,366,900	3,359,800	3,230,700
Tangible Book Value	5,649,500	6,950,600	5,905,700	4,251,200
Invested Capital	10,653,800	12,142,300	11,119,200	9,382,000
Working Capital	4,535,400	5,417,200	3,728,700	3,668,000
Net Tangible Assets	5,649,500	6,950,600	5,905,700	4,251,200
Capital Lease Obligations	24,300	21,000	23,200	37,200
Common Stock Equity	7,673,300	8,796,400	7,782,600	6,188,500
Total Capitalization	10,653,800	12,142,300	10,325,200	9,234,200
Total Equity Gross Minority Interest	7,691,900	8,814,500	7,800,600	6,207,000
Minority Interest	18,600	18,100	18,000	18,500
Stockholders Equity	7,673,300	8,796,400	7,782,600	6,188,500
Gains Losses Not Affecting Retained Earnings	-55,500	-62,400	-45,200	-23,200
Other Equity Adjustments	-55,500	-62,400	-45,200	-23,200
Treasury Stock	6,057,900	4,640,500	3,937,400	2,829,700
Retained Earnings	8,241,900	8,120,900	6,548,100	4,364,400
Additional Paid In Capital	5,538,600	5,372,200	5,210,900	4,670,900
Capital Stock	6,200	6,200	6,200	6,100
Common Stock	6,200	6,200	6,200	6,100
Total Liabilities Net Minority Interest	4,832,200	5,275,300	5,414,600	5,771,500
Total Non Current Liabilities Net Minority Interest	3,544,500	3,940,500	3,231,000	3,710,100
Other Non Current Liabilities	498,500	536,300	627,300	607,300
Non Current Deferred Liabilities	41,700	37,600	38,700	34,100
Non Current Deferred Taxes Liabilities	41,700	37,600	38,700	34,100
Long Term Debt And Capital Lease Obligation	3,004,300	3,366,600	2,565,000	3,068,700
Long Term Capital Lease Obligation	23,800	20,700	22,400	23,000
Long Term Debt	2,980,500	3,345,900	2,542,600	3,045,700
Current Liabilities	1,287,700	1,334,800	2,183,600	2,061,400
Other Current Liabilities	220,300	276,700	246,100	281,500
Current Deferred Liabilities	51,800	98,200	87,600
Current Deferred Revenue	51,800	98,200	87,600
Current Debt And Capital Lease Obligation	500	300	794,800	162,000
Current Capital Lease Obligation	500	300	800	14,200
Current Debt			794,000	147,800	160,700
Other Current Borrowings			794,000	147,800	160,700
Current Provisions	250,800	225,500	108,300	209,900
Payables And Accrued Expenses	764,300	734,100	946,800	1,408,000
Current Accrued Expenses	177,300	134,500	183,800	521,100
Payables	587,000	599,600	763,000	886,900
Total Tax Payable	14,700	25,100	37,400	34,800
Income Tax Payable	14,700	25,100	37,400	34,800
Accounts Payable	572,300	574,500	725,600	852,100
Total Assets	12,524,100	14,089,800	13,215,200	11,978,500
Total Non Current Assets	6,701,000	7,337,800	7,302,900	6,249,100
Other Non Current Assets	356,000	360,200	381,300	438,600
Non Current Deferred Assets	929,100	729,900	600,800	376,700
Non Current Deferred Taxes Assets	929,100	729,900	600,800	376,700
Goodwill And Other Intangible Assets	2,023,800	1,845,800	1,876,900	1,937,300
Other Intangible Assets	343,900	257,900	299,300	359,700
Goodwill	1,679,900	1,587,900	1,577,600	1,577,600
Net PPE	3,392,100	4,401,900	4,443,900	3,496,500
Accumulated Depreciation	-4,171,700	-3,958,800	-3,529,500	-3,155,100
Gross PPE	7,563,800	8,360,700	7,973,400	6,651,600
Other Properties	23,100	40,500	42,400	45,800
Machinery Furniture Equipment	5,927,200	6,781,300	6,489,000	5,431,800
Buildings And Improvements	1,497,000	1,423,200	1,324,200	1,056,200
Land And Improvements	116,500	115,700	117,800	117,800
Current Assets	5,823,100	6,752,000	5,912,300	5,729,400
Other Current Assets	352,900	353,300	382,100	351,300
Assets Held For Sale Current	25,000	5,300
Inventory	1,989,600	2,242,000	2,111,800	1,616,800
Finished Goods	337,100	500,300	421,400	429,000
Work In Process	1,388,900	1,391,900	1,221,100	951,000
Raw Materials	263,600	349,800	469,300	236,800
Receivables	908,000	1,160,100	935,400	842,300
Accounts Receivable	908,000	1,160,100	935,400	842,300
Cash Cash Equivalents And Short Term Investments	2,547,600	2,991,300	2,483,000	2,919,000
Other Short Term Investments	400,000	300,000	0
Cash And Cash Equivalents	2,147,600	2,691,300	2,483,000	2,919,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	1,418,600	1,212,400	438,400	1,597,100
Repurchase Of Capital Stock	-1,377,600	-654,100	-564,200	-259,800
Repayment Of Debt	-376,700	-2,200	-1,738,700	-541,500
Issuance Of Debt	0	0	1,845,000	500,000
Capital Expenditure	-341,200	-694,000	-1,539,100	-1,036,000
Interest Paid Supplemental Data	58,300	62,700	73,200	80,700
Income Tax Paid Supplemental Data		347,500	428,200	443,200	88,200
End Cash Position	2,149,000	2,693,400	2,485,000	2,933,000
Beginning Cash Position	2,693,400	2,485,000	2,933,000	1,377,700
Effect Of Exchange Rate Changes	-1,900	-4,400	-1,100	-2,400
Changes In Cash	-542,500	212,800	-446,900	1,557,700
Financing Cash Flow	-1,763,800	-683,800	-686,500	-370,000
Cash Flow From Continuing Financing Activities	-1,763,800	-683,800	-686,500	-370,000
Net Other Financing Charges	-31,600	-52,700	-496,900	-91,600
Proceeds From Stock Option Exercised	22,100	25,200	268,300	22,900
Net Common Stock Issuance	-1,377,600	-654,100	-564,200	-259,800
Common Stock Payments	-1,377,600	-654,100	-564,200	-259,800
Net Issuance Payments Of Debt	-376,700	-2,200	106,300	-41,500
Net Long Term Debt Issuance	-376,700	-2,200	106,300	-41,500
Long Term Debt Payments	-376,700	-2,200	-1,738,700	-541,500
Long Term Debt Issuance	0	0	1,845,000	500,000
Investing Cash Flow	-538,500	-1,009,800	-1,737,900	-705,400
Cash Flow From Continuing Investing Activities	-538,500	-1,009,800	-1,737,900	-705,400
Net Other Investing Changes	-5,000	-1,500
Net Investment Purchase And Sale	-100,000	-300,000	33,500	10,800
Sale Of Investment	950,000	750,000	33,500	28,800
Purchase Of Investment	-1,050,000	-1,050,000	0	-18,000
Net Business Purchase And Sale	-124,500	-20,500	-236,300	260,700
Sale Of Business		0	0	263,100	7,000
Purchase Of Business	-124,500	-20,500	-236,300	-2,400
Net PPE Purchase And Sale	-309,000	-687,800	-1,535,100	-976,900
Sale Of PPE	32,200	6,200	4,000	59,100
Purchase Of PPE	-341,200	-694,000	-1,539,100	-1,036,000
Operating Cash Flow	1,759,800	1,906,400	1,977,500	2,633,100
Cash Flow From Continuing Operating Activities	1,759,800	1,906,400	1,977,500	2,633,100
Change In Working Capital	493,000	-382,000	-862,700	-250,400
Change In Other Current Liabilities	-67,700	-114,800	14,900	8,400
Change In Other Current Assets	89,600	107,000	700	-110,500
Change In Payables And Accrued Expense	34,200	-300	-270,300	134,700
Change In Accrued Expense	-102,700	62,200	-178,600	96,500
Change In Payable	136,900	-62,500	-91,700	38,200
Change In Account Payable	136,900	-62,500	-91,700	38,200
Change In Inventory	273,400	-129,600	-495,200	-235,200
Change In Receivables	163,500	-244,300	-112,800	-47,800
Other Non Cash Items	9,800	21,100	6,600	11,100
Stock Based Compensation	144,300	136,100	121,100	100,800
Asset Impairment Charge	496,000	37,800	19,500	405,400
Deferred Tax	-193,700	-129,600	-127,700	3,100
Deferred Income Tax	-193,700	-129,600	-127,700	3,100
Depreciation Amortization Depletion	686,000	642,900	609,500	551,800
Depreciation And Amortization	686,000	642,900	609,500	551,800
Operating Gains Losses	800	5,500	25,600	-92,500
Gain Loss On Sale Of PPE	800	5,500	11,600	-32,600
Gain Loss On Sale Of Business	0	0	700	-67,000
Net Income From Continuing Operations	123,600	1,574,600	2,185,600	1,903,800

These metrics estimate what ON Semiconductor Corporation is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$11.28

Margin of Safety

Market Cap ÷ Company Value

1.39

P/B Ratio

5.27

Warren's Owner Earnings

$1.1B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$6.0B

vs > $1.5B revenue

✅ Strong Financial Condition

4.52x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

❌ Dividend Record

No dividend

vs Uninterrupted dividends

❌ Earnings Growth

-93.2% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

354.2x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

5.27x P/B (P/E×P/B: 1865.4)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$2.52

Trading at 40.8x NCAV. Expected for most quality businesses — NCAV was designed to find depression-era bargains and rarely applies to modern profitable companies.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$21.22

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	282.0%	44.1%	70.5%	54.5%	N/A
Repurchase of Capital Stock	-$1.4B	-$654M	-$564M	-$260M	N/A
Free Cash Flow	$1.4B ▲	$1.2B ▲	$438M ▼	$1.6B •	N/A •
Warren's Owner Earnings	$1.1B	$2.9B	$4.3B	$3.5B	N/A

Peers & Industry Comparison

Semiconductors — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
ON	$102.73	$40.4B	354.24	33.1%	2.0%	$6.0B
NVDA NVIDIA Corporation	$198.55	$4,825.8B	40.5	71.1%	55.6%	$215.9B
AMD Advanced Micro Devices, Inc.	$343.59	$560.2B	132.2	52.5%	12.5%	$34.6B
INTC Intel Corporation	$96.50	$485.0B	N/A	37.2%	-5.9%	$53.8B
QCOM QUALCOMM Incorporated	$169.49	$178.6B	18.2	54.8%	22.3%	$44.5B
AVGO Broadcom Inc.	$416.19	$1,970.5B	81.0	76.7%	36.6%	$68.3B

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.33%

Low — management has little skin in the game

Return on Equity (ROE)

1.6%

Weak — poor returns on equity

Return on Assets (ROA)

1.0%

Poor — assets are not generating adequate returns

Share Buybacks (Latest Year)

$1.4B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-10.8% YoY

Debt is declining — management is deleveraging

Leadership Team

Hassane El-Khoury

President, CEO & Director

Age 45

Pay: $1,242,399

1.027% of net income

Thad Trent

Executive VP, CFO, Treasurer & Principal Accounting Officer

Age 57

Pay: $1,188,542

0.982% of net income

Simon Keeton

Group President of Power Solutions Group

Age 52

Pay: $901,581

0.745% of net income

Sudhir Gopalswamy

Group President of Intelligent Sensing & Analog and Mixed Signal Group

Age 55

Pay: $1,007,662

0.833% of net income

Wei-Chung Wang Ph.

Executive Vice President of Global Manufacturing & Operations

Top Institutional Holders

Institution	% Owned	Shares
FMR, LLC	15.09%	59,372,112
Vanguard Group Inc	12.98%	51,066,453
Blackrock Inc.	10.27%	40,402,710
State Street Corporation	4.79%	18,850,052
Janus Henderson Group PLC	3.14%	12,354,990
Geode Capital Management, LLC	2.80%	11,008,373
Slate Path Capital, LP	2.66%	10,480,200
JPMORGAN CHASE & CO	1.97%	7,749,908

Risk Analysis

Beta (Market Risk)

1.94

High volatility — moves more than the market

Short Interest

10.5% of float

Moderate short interest

Debt-to-Equity

0.42x

Conservative balance sheet — low financial risk

Current Ratio